|
|
|
|
|
|
|
Loan
Amount |
Typical loan sizes range
between$1,000,000 and $30,000,000. |
|
|
|
|
Loan
Term |
3 months to 3 years. Typical terms are 12
to 18 months. Extensions options totaling up to 12 months are available if
the loan is not in default and has a clean payment history.
|
|
|
|
|
Amortization |
None required-
all loans are interest only |
|
|
|
|
Eligible Properties
|
All types of income producing
properties including multifamily, office, retail, hotel, industrial, and
healthcare properties such as nursing homes and assisted living
facilities. |
|
|
|
|
Collateral |
First Mortgage
or First Deed of Trust. |
|
|
|
|
Recourse |
Full recourse is typically
provided. |
|
|
|
|
Origination Fees
|
Determined on a deal by deal basis. |
|
|
|
|
Application Fees
|
Dependent on
deal size, property type and complexity. Typically
$15,000-$25,000. The application fee is non-refundable and used by
OneCap to prepare third party reports such as Engineering-Environmental
and Appraisal as well as covering the cost of mortgage credits analysis
and site inspections. |
|
|
|
|
Prepayment |
Bridge loans are repayable at
any time. |
|
|
|
|
Interest Rate
|
Interest rate is set a a spread over
the 6-month London Inter-Bank Offering Rates (LIBOR). Spreads are
function of risk and terms. Typical spreads range between 300 and
600 basis points over the prevailing LIBOR rate. |
|
|
|
|
Exit Fees
|
Determined on a deal by deal basis |
|
|
|
|
|
|
|
Cost and Expenses
|
Borrower shall be responsible for
all customary closing related expenses, including, but not limited to,
reports for Engineering, Environmental and Appraisal, the cost of title
insurance, transfer and recording fees, and the fees and expenses of its
counsel and Lender's counsel. Borrower shall reimburse Lender or its
agents for any out-of-pocket expenses related to the preparation of a
Financing Commitment Agreement and the loan closing, including travel, due
diligence and legal costs and expenses. |
|
|
|
|
Loan to Value
|
Maximum of 80% based on a current
MAI appraisal selected by OneCap. Loan proceeds in excess of 80% may
be funded in coordination with OneCap's Mezzanine Loan
Program. |
|
|
|
|
Debt Service
Coverage |
Dependent on risk and degree or
repositioning required. Typically debt service requirements will
fall well below conventional permanent financing minimums. In
instances where repositioning and/or renovation disrupt cash flow at the
property, OneCap may set aside a position of the loan for interest
reserves. |
|
|
|
|
Escrows |
Escrows for real estate taxes,
replacement reserves and insurance are required. Additional escrows
for anticipated or future capital improvements may also be
required. |
|
|
|
|
Cash Management
Agreement |
Required |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
